Mr Family Office Profile picture
Feb 2, 2023 β€’ 17 tweets β€’ 4 min read β€’ Read on X
Looking for a career change? The #FamilyOffice industry could be the right for you.

From investment advisors to gardeners, a 🧡 on the jobs and salaries in the Family Office world.

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#familyoffice #career #job #jobsearch Image
Investment Advisor/Manager: These professionals are responsible for managing the investment portfolios of the clients and ensuring their wealth grows.

Typical salary range of $80,000 to $250,000.
Wealth Strategist: They help families create and implement a wealth plan that aligns with their long-term goals and values.

Typical salary range of $150,000 to $300,000.
Tax Specialist: These professionals help clients with tax planning, compliance and preparation.

Typical salary range of $70,000 to $200,000.
Estate Planner: They help clients with estate planning, including will preparation and asset distribution.

Typical salary of $100,000 to $250,000.
Philanthropy Advisor: They assist clients in identifying their charitable goals and help them to implement them.

Typical salary range of $70,000 to $200,000.
Operations Manager: They are responsible for the day-to-day operations of the Family Office and ensure the smooth running of its various departments.

Typical salary of $80,000 to $200,000.
Compliance Officer: They ensure that the Family Office complies with all relevant regulations and laws.

Typical salary range of $70,000 to $150,000.
Human Resource Manager: They are responsible for managing the HR functions of the Family Office and ensuring that employees are well taken care of.

Typical salary of $80,000 to $200,000.
Marketing & Communications Manager: They are responsible for promoting the brand and services of the Family Office and building relationships with clients.

Typical salary range of $70,000 to $200,000.
Chef: A professional chef is responsible for preparing meals for the family, entertaining guests and ensuring that their dietary needs are met.

Typical salary range of $50,000 to $150,000.
Gardener: They maintain the grounds and gardens of the property, ensuring that they are always in pristine condition.

The typical salary of $40,000 to $100,000.
Childcare Provider: They are responsible for the care and upbringing of the children in the family, including schooling, extracurricular activities and providing a safe and nurturing environment.

Typical salary range of $40,000 to $150,000.
Personal Assistant: They provide administrative and personal support to the family, including scheduling appointments, managing emails and ensuring that their daily needs are met.

Typical salary range of $50,000 to $150,000.
Housekeeper: They maintain the cleanliness and organization of the family's residence, ensuring that everything is in order.

Typical salary range of $30,000 to $70,000.
Driver: They are responsible for transporting the family and guests, ensuring that they arrive at their destination safely and on time.

Typical salary of $40,000 to $100,000.
If you found this interesting, please like and follow for Family Office news, job postings and gossip!

@MrFamilyOffice

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More from @MrFamilyOffice

Jul 21
Family Offices by numbers 🧡

> avergage number of family office staff
> average cost of family offices
> average total compensation, CEO, CIO, CFO
Average number of family office staff: Image
Average costs of family office by size (USD M): Image
Read 6 tweets
Jul 9
Show
Me
The
Money

How much you could earn in a Family Office

Morgan Stanley surveyed U.S. investment-focused family offices. Here are the results: Image
Chief Executive Officer/President

β–« Most senior role setting strategy and overall direction of the family office
β–« Oversees management of the office and staff
β–« Serves as primary liaison with the family Image
Chief Financial Officer

β–« Formulates financial policies and plans
β–« Direction for tax, insurance, budgeting, credit, and treasury functions
β–« Ensures financial transactions, policies, and procedures align with objectives and regulations Image
Read 15 tweets
Apr 29
A frustrated family office executive speaks up

The family is on the brink of the third-generation curse

The patriarch could be sleepwalking his family to disaster

A candid interview with Deloitte Private:
What is the biggest risk to family offices?

"If you are going to be honest, the biggest risk to most family offices is the family. Sure, there are things like tax, regulatory, and cybersecurity risksβ€”the stuff we executives spend most of our time on. But if you get at the heart of it, the family is the biggest risk. For smaller family offices, it can be about which family member executives will need to report to and who will be making the highlevel, strategic decisions. For larger family offices, it can be more about how to transition from one generation to another or how to prevent different family factions from branching off and dividing the assets into multiple family offices"
How is this risk playing out in your family office?

The patriarch, who also acts as the head of the family office, is in his 70s and has had serious long-term health problems. Despite this, he has no succession plan in place. I have pleaded with him countless times to create a plan. Because he, the first-generation wealth creator, makes all the decisions, I shared my concerns with him about the leadership void that would occur should he depart. But his response is always that his heirs can decide later whether or not to keep the family office going.

I have explained that it is not a simple yes-or-no decision. Eighty percent of the functions we do simply must be done. It is just a matter of how they will get done. The wealth could be managed through a multifamily office or a virtual family office, elements could be outsourced, and some could be cut. But the tax returns must be filed next year no matter what. We cannot just decide not to do that anymore. So, unfortunately, there is a lack of understanding
Read 9 tweets
Apr 26
Family Offices come in all shapes and sizes, but there are common themes

Six family office archetypes 🧡 Image
1. The Founder’s Family Office

Where the visionary who created the fortune still calls the shots

β€’ FO created after founder's financial success
β€’ Founder drives operations & retains control
β€’ Focus on first-gen wealth & legal/financial structures
β€’ Major challenges: transitioning ownership to next-gen
2. Administrative/Compliance Family Office

Wealth brings complexity... here's where the family office starts to do the heavy lifting

β€’ Coordinates and records assets and wealth planning needs
β€’ Oversees tax returns, banking, insurance, and service-provider relationships
β€’ Services include lifestyle management, tax payments, estate planning, and document management
β€’ Concierge services such as property management, travel, jet acquisitions, private collections, gifting, insurance, staffing, and jet maintenance
Read 9 tweets
Mar 18
Career paths in family offices

πŸ’Ό The jobs
πŸ’΅ The comp ↓ ↓ ↓ ↓
Chief Executive Officer (CEO)

The big cheese. Directs the overall operations of the family office, setting strategic objectives, and ensuring alignment with the family's goals. Typically, the higher the AUM, the more likely the CEO will be a non-family member

Salary Range: (total compensation by AUM, 25th percentile - 75th percentile, US)

Less than $500 million: $456,250 - $925,000
$500mn - $999 million: $388,000 - $794,000
$1bn - $2.49 billion: $735,085 - $1,315,000
$2.5 billion+: $1,052,679 - $2,475,000

Background: CEOs often come from executive leadership roles in corporations, private banks, investment firms, or other family offices. They should bring experience in strategic planning and operations management
Chief Financial Officer (CFO)

Manages financial planning, reporting, liquidity and risk management

Salary Range: (total compensation by AUM, 25th percentile - 75th percentile, US)

Less than $500 million: $236,500 - $414,831
$500mn - $999 million: $430,000 - $750,000
$1bn - $2.49 billion: $429,227 - $762,500
$2.5 billion+: $548,500 - $900,704

Background: Accounting and finance is pretty much essential. Must tick the usual boxes: financial reporting, budgeting, tax planning, and regulatory compliance. Family offices seem to like hiring CFOs from Big 4 accountants, big corporations or other family offices
Read 24 tweets
Feb 24
Family Offices by numbers

8 takeaways from Deloitte Private
some mind-blowing numbers ↓↓
1. Family office expansion explodes

β€’ Today there are 8,030 single-family offices globally, up from 6,130 in 2019 (31%↑)

β€’ Projected growth: 12% to 9,030 family offices next year

β€’ Expected increase of 33% to 10,720 family offices by 2030

β€’ A 75% increase over 10 years
2. Family offices are becoming an economic powerhouse

β€’ In 2019, total wealth for families with family offices was $3.3 trillion

β€’ Today, it's $5.5 trillion (↑67% over 5 years)

β€’ Projected growth: $6.9 trillion by 2025 (↑26%)

β€’ $9.5 trillion by 2030 (↑73% from today, ↑189% from 2019)

β€’ Family offices' total AUM is $3.1 trillion today, expected to rise to $5.4 trillion by 2030 (↑73%)

β€’ North America is projected to see the greatest increase in family wealth and AUM, with a 258% rise by 2030, followed by Asia Pacific at 208%
Read 10 tweets

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